Online payment platforms are completely different to what we first saw over 20 years ago. Back then, the industry was reacting to a new concept. And the idea of sharing your details with a website seemed completely out of the question for many.
Most shoppers had little knowledge of the internet in general. And it was only natural that making payments using this new tech was going to take some time to become mainstream. The masses needed convincing that it was a safe way to spend your money.
The only real way to transfer cash at that time was to use a credit or debit card. Or one of the few and expensive payment transfer companies.
It didn't take long for the criminals to figure out ways to steal data. And this only added to the worries that many of us had at that time.
Banks and financial institutions began to offer promises to those spending their cash online. If anything happened to your money during the process of making a payment, then it was possible to raise the alarm with the bank.
There was a good chance that they would refund the cash while they sorted out the problem and tried to chase their losses. But the worry of not knowing for certain if you could get your money back lingered on.
In the 21st century, new online payment brands started to appear. These were more secure in their approach as they allowed us to keep our bank details away from prying eyes.
Several small companies came up with the idea of storing cash safely in a digital format. And then allow customers to use it to make purchases without sharing their bank details.
The tech that drives the system is quite basic in its approach. But the security screening that it offers gives the customer much more confidence.
The main idea was and always will be to negate the need to expose bank or card details. This might be while making a purchase or depositing cash into an online account such as a non Gamstop casino, for example.
It is only necessary for the customer to share their details once with the e-wallet brand. And after that, the payments make their way to anywhere they need to be. All info at the e-wallet is kept in a secure and encrypted state. So nobody else can get near it.
One of the original companies to enter into the digital wallet marketplace was Skrill. At that time it was known as Moneybookers. And it largely focused on making transfers between individuals across the globe. This idea soon developed into more of an e-commerce tool and customers started to use the product.
This company based in the Isle of Man is part of a huge umbrella company that handles some of its competitors as well as many other branded products. They deal with millions of transactions every year. Making them one of the biggest e-wallet providers available.
Skrill allows for fairly high payment limits and this is great for those looking to make larger purchases or big deposits into casino accounts and other forms of online entertainment. They do charge a small 1% fee for moving cash into your Skrill account. But after that, you are free to send it anywhere you want.
One product that was developed stateside and with fans of gambling sites not on Gamstop in mind is Neteller.
The business brains behind the product were keen gambling fans themselves. And they recognised the need to produce a simple and safe way for players to transfer cash to casinos and other betting sites.
The product works in a very similar way to Skrill. But the transaction limits can be much higher for Neteller customers. Although for this privilege you will find a 2.5% surcharge for topping up your account.
There are loads of casinos not on Gamstop based in all corners of the globe that will happily use this product. And You can consult this table of non Gamstop casinos for more information.
Another electronic wallet invention courtesy of American entrepreneurs is PayPal. This product is similar in some ways to the above. But they do have a couple of added extras that make them an extremely popular choice for many people playing at a casino not on Gamstop.
While you can add funds from your bank or other people to your Paypal account, it is also possible to link a bank account to it as well.
This way, you can make a purchase using funds directly transferred from your bank account without needing to send them to PayPal first. PayPal securely stores your bank details. So your info is encrypted, to keep everything out of harm's way. This saves you from paying any fees to top up your account and allows the transaction to move through the platform swiftly and smoothly.
Millions of people around the world have one of these free accounts including huge businesses. The scope for making payments and transfers globally and in various currencies is huge with this product.